{
  "title": "Estimation of the Equilibrium Real Exchange Rate for Malawi",
  "publication": "IMF Working Papers, May 1, 2003",
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  "summary": "This paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals as derived from economic theory.",
  "sections": [
    {
      "heading": "Summary and Core Findings",
      "content": "- The paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals derived from economic theory.\n- Evidence supports the equilibrium approach to exchange rate determination.\n- Several variables, particularly government consumption and real per capita growth, are found to drive movements in the time-varying equilibrium real exchange rate.\n- Following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months."
    },
    {
      "heading": "Methodology and Analytical Focus",
      "content": "- Equilibrium real exchange rate is modeled as a function of fundamentals as derived from economic theory.\n- Time-varying equilibrium concept is emphasized, with analysis of drivers and dynamic reversion following shocks."
    },
    {
      "heading": "Key Statistics and Publication Metadata",
      "content": "- Author: Johan Mathisen\n- Publication date: May 1, 2003\n- Series: Working Paper No. 2003/104\n- Issue: 104\n- Volume: 2003\n- Pages: 25\n- DOI: https://doi.org/10.5089/9781451852783.001\n- Stock No: WPIEA1042003\n- ISBN: 9781451852783\n- ISSN: 1018-5941\n- Exact quantified result: half-life of reversion of about 11 months"
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subjects: Exchange rates; Foreign exchange; Government consumption; International trade; National accounts; Real effective exchange rates; Real exchange rates; Terms of trade\n- Keywords: Africa; Equilibrium Real Exchange Rate; Exchange rates; expansionary fiscal policy; fiscal policy variable; Government consumption; Malawi; Malawi equilibrium exchange rate; nominal exchange rate depreciation; Real effective exchange rates; Real exchange rates; Terms of trade; utility function; WP\n\nSource: IMF Working Papers — \"Estimation of the Equilibrium Real Exchange Rate for Malawi\" by Johan Mathisen, May 1, 2003.\n\n---\n\n Content in this bundle\n\n- Estimation of the Equilibrium Real Exchange Rate for Malawi - WP/03/104\n  - Estimation of the Equilibrium Real Exchange Rate for Malawi - WP/03/104 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Estimation of the Equilibrium Real Exchange Rate for Malawi - WP/03/104 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/estimation-of-the-equilibrium-real-exchange-rate-for-malawi-16543"
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    "Authors: Johan Mathisen",
    "Published: May 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451852783.001",
    "The paper computes Malawi's equilibrium real exchange rate as a function of its fundamentals derived from economic theory.",
    "Evidence supports the equilibrium approach to exchange rate determination.",
    "Several variables, particularly government consumption and real per capita growth, are found to drive movements in the time-varying equilibrium real exchange rate.",
    "Following a shock there is a rapid reversion of the real exchange rate to its time-varying equilibrium, with a half-life of reversion of about 11 months.",
    "Equilibrium real exchange rate is modeled as a function of fundamentals as derived from economic theory.",
    "Time-varying equilibrium concept is emphasized, with analysis of drivers and dynamic reversion following shocks.",
    "Author: Johan Mathisen",
    "Publication date: May 1, 2003",
    "Series: Working Paper No. 2003/104",
    "Issue: 104",
    "Volume: 2003",
    "Pages: 25",
    "DOI: https://doi.org/10.5089/9781451852783.001",
    "Stock No: WPIEA1042003",
    "ISBN: 9781451852783",
    "ISSN: 1018-5941",
    "Exact quantified result: half-life of reversion of about 11 months",
    "Subjects: Exchange rates; Foreign exchange; Government consumption; International trade; National accounts; Real effective exchange rates; Real exchange rates; Terms of trade",
    "Keywords: Africa; Equilibrium Real Exchange Rate; Exchange rates; expansionary fiscal policy; fiscal policy variable; Government consumption; Malawi; Malawi equilibrium exchange rate; nominal exchange rate depreciation; Real effective exchange rates; Real exchange rates; Terms of trade; utility function; WP",
    "**Estimation of the Equilibrium Real Exchange Rate for Malawi - WP/03/104**"
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